Johnson & Johnson JNJ was downgraded by analysts at Bernstein on Wednesday to Market Perform.
The stock fell throughout the day Wednesday losing more than 2 percent.
On Tuesday JNJ announced it was buying biotech company Alios BioPharma for $1.75 billion.
JNJ will have its Q3 earnings release on October 14.
Johnson & Johnson traded at $104.14 late Wednesday, down 2.30 percent.
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